Huaxun Fangzhou Co., Ltd. (SZSE:000687) announced that it has entered into a private placement subscription agreement for not more than 152,485,400 A shares for gross proceeds of up to CNY 1,100,000,000 on August 16, 2018. The transaction will include participation from not more than 10 investors, including CCT Technologies, Inc. The shares subscribed by CCT Technologies, Inc. are subject to a hold period of 36 months and the shares subscribed by other investors are subject to a hold period of 12 months from the issuance closing date. The transaction has been approved in the company's 31st meeting of the 7th directorate. The transaction is subject to the approvals of the shareholders of the company and the China Securities Regulatory Commission.